An Estate

Your Estate is everything you own, both your assets and your liabilities. At your death, if there are assets that should be transferred to your beneficiaries, your Will would be filed, and the Executor designated in your Will then begins to gather together your assets and creditors are allowed to make claims against those assets. This process is through the Court, with notice to interested parties and with any disputes being decided by the Court. Once your liabilities are paid and asset distributed to your beneficiaries, your Estate is then closed.